United Airlines 2010 Annual Report Download - page 119
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NOTE 8—INCOME TAXES
The significant components of the income tax expense (benefit) are as follows:
(In millions)
2010 UAL United
Continental
Successor
Continental
Predecessor
Current ..................................... $ 10 $— $2 $ 1
Deferred .................................... (10) (12) (6) —
$— $ (12) $(4) $ 1
2009
Current ..................................... $ (1) $— $ 1
Deferred .................................... (16) (16) (158)
$ (17) $ (16) $(157)
2008
Current ..................................... $ 1 $ 4 $ 2
Deferred .................................... (26) (26) (111)
$ (25) $ (22) $(109)
The income tax provision differed from amounts computed at the statutory federal income tax rate, as
follows:
(In millions)
Year Ended December 31, 2010 UAL United
Continental
Successor
Continental
Predecessor
Income tax provision at statutory rate ......................... $ 87 $135 $(35) $ 155
State income taxes, net of federal income tax benefit ............. 24 24 1 8
Nondeductible acquisition costs .............................. 45 31 14 —
Nondeductible employee meals .............................. 8 7 1 3
Nondeductible interest expense .............................. 12 12 — —
Change in tax law—Medicare Part D Subsidy .................. 119 119 — —
Nondeductible compensation ................................ 13 1 12 —
Goodwill credit .......................................... (22) (22) — —
Valuation allowance ....................................... (290) (322) 9 (166)
Tax benefit resulting from intraperiod tax allocation ............. — — (6) —
Other, net ............................................... 4 3 — 1
$ — $ (12) $ (4) $ 1
Year Ended December 31, 2009
Income tax provision at statutory rate ......................... $(234) $(225) $(154)
State income taxes, net of federal income tax benefit ............. 5 6 (9)
Nondeductible employee meals .............................. 6 6 4
Nondeductible interest expense .............................. 12 12 —
Medicare Part D Subsidy ................................... (7) (7) —
Increase valuation allowance ................................ 190 182 158
Share-based compensation .................................. 7 7 —
Tax benefit resulting from intraperiod tax allocation ............. — — (158)
Other, net ............................................... 4 3 2
$ (17) $ (16) $(157)
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